Bitcoin’s Co-Developer Working On A New Cryptocurrency

Jul 31, 2018 at 07:34 Update Date :Jul 31, 2018 at 07:34 UTC

Bitcoin, the first decentralized and the most popular cryptocurrency in the world, was the coinage of Satoshi Nakamoto. Martti ‘Sirius’ Malmi is another dignitary who is being talked about in the crypto-context quite lately. He played a major role in the development of Bitcoin, in cooperation with Satoshi and Gavin Andersen.

As per the latest reports, Malmi is engaged in formulating the launch of a new digital token named ‘AXE’, with a team of other developers by his side. Back in the year 2009, when Satoshi commenced the software development of Bitcoin, Malmi stood beside him gaining ultimate faith thereby. Rumours follow that he was the only person who was furnished with the admin access to the website Otherwise, Satoshi kept it to himself only.

Nonetheless, both the masterminds resigned from the project with the passage of time. Malmi wanted to explore the diversities. Citing him,

“I felt like bitcoin had already gone from zero to one, so to say. It was already up and running with a growing community and had lots of great developers working on it.”

The new coin, as outlined would be an amalgamation of GUN, a decentralised database system and Identifi, an online reputation system accredited to Malmi. The merger is strongly supported by a product that is looking forward to decentralise the web.

Malmi has always had a belief in decentralisation. He thinks that it will reduce the sway of a few big companies in the market.

In the context he mentions,

“Most of the giant online businesses, such as Google, Facebook, eBay or Airbnb are basically centralized indexes – searchable lists of stuff. If we want to disrupt them, we need decentralized indexing.”

A while back, in 2014, Malmi launched Identifi. The project is a decentralised arrangement through which any individual can acquire a censorship-resistant identity on the web. However, to be completely decentralised, the project ERA, owned by Malmi, requires groups who operate database systems from all around the globe. Owing to this requirement, the new cryptocurrency becomes functional and mandatory.

The token is meant to reward the customers on the network to store data. It, however, takes a moderately distinct outlook by paying servers to move encrypted data around.

As per the plans, project ERA aims to replace some of the big-shot centralised companies using their decentralised crypto coin, which is aided by a strong product. They do not intend to use the blockchain technology for the purpose of tracking crypto transactions of the users or to store their data.

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